According to a new research report by Transparency Market Research (TMR), the global market for industrial burners demonstrates a highly fragmented and a competitive landscape, owing to the presence of a large pool of participants.
The rivalry between these players is likely to increase in the years to come, as these players are actively involving into innovations, advancement in current offerings, and the acquisition of smaller players to gain more visibility in this market, states the report.
As per the report, the global industrial burner market stood at US$19.6 bn in 2015. Researchers predict that the rise of this market will be at a CAGR of 3.0% during the period from 2016 to 2024, increasing the opportunity in this market to US$25.6 bn by the end of the forecast period. The petrochemicals segment has been reporting a higher consumption of these burners compared to other end users. The scenario is likely to remain so over the next few years due to a robust rise in the demand for petrochemicals in developing regions, particularly in Asia Pacific.
The report also provides a geographical analysis of the worldwide market for industrial burners. According to it, Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa are the key regional markets for industrial burners across the world. In 2015, North America dominated the global market for industrial burners with an overall contribution of US$6.3 bn in terms of revenue.
The regional market is anticipated to retain its lead over the forecast period on account of the advanced infrastructure, high productivity, and the ample presence of natural resources. Currently, the North America industrial burner market is led by the U.S. and Canada and the scenario is expected to remain same in the near future. The U.S., being a prominent producer of oil and gas in the whole world, is likely to report a greater demand for these burners when compared to the other countries in this region.
Asia Pacific is also anticipated to witness a high-paced growth in its market for industrial burners in the years to come, thanks to the large pool of international industrial burner manufacturers, looking to establish their manufacturing units in China and India, prompted by the low cost of raw materials and labor. Apart from this, the significant expansion in the petrochemical and the mining industries and the increasing implementation of various government policies to reduce carbon footprints in emerging Asian nations is also projected to boost this regional market in the near future, notes the research study.